Merger with M6: TF1 boss Gilles Pélisson wants to prevent it from becoming a “nightmare”.
TF1 CEO Gilles Pélisson feared on Thursday that his “Dreamfrom a merger with the rival M6 does not come outnightmare“, according to a first report by the competition authority unfavorable for the planned merger. The boss of the leading French audiovisual group also recalled that the two companies “wouldn’t hesitate to stop» their march towards that union if they are found to be less relevant because of the concessions they are asking for.
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“The common dream (of a French audiovisual master) is not necessarily shared at this stage by the analysis of the (investigative) services of the competition authority” the head explained on the sidelines of the release of TF1’s half-year results. “From then on, before the dream turns into a nightmare, there has to be a moment of sanity, waking up and thinking that maybe that’s where my dream will end“, he added.
The two groups announced on Tuesday that a first confidential report by the body responsible for enforcing the competitive balance in France said it was unfavorable to their marriage. If the “remedy“Request by the services of the Competition Authority in view of “identified very significant competition problems“, especially in television advertising, should “implemented, the project would actually lose all relevance“, the “Parties will not hesitate to stop», underlined Gilles Pélisson.
The latter will be heard by the College of the Competition Authority on September 5th and 6th, he added, with the final decision likely to come to that College in October.
Satisfactory results from TF1
Meanwhile, the CEO was delighted with the results “satisfactoryof the TF1 Group, which recorded a profit of 126.5 million euros in the first half of the year, up 16.7% over the year, on sales of almost 1.2 billion euros (+5.2%).
Advertising revenue increased very slightly (+1.6%) to EUR 815.5 million, compensating for the slight decline recorded in the second quarter – excluding the men’s European football championship, from which the group benefited last yearthe right dynamicof the first quarter according to TF1.
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